Standard Statement of Open Items

The Standard Statement of Open Items is a procedure used to address pending or overdue invoices through a structured reconciliation process. Vendors are required to submit a monthly statement of open items, which enables a review of the account receivable status of any overdue invoices or credits that have not been paid.

• Template Usage: Vendors download an Excel template, enter details like invoice numbers, purchase orders, and amounts, and submit it for reconciliation.
• Submission Process: The completed spreadsheet should be sent via the designated submission path under ‘Statements of Open Items Submission.’
• Reconciliation: The team reviews submissions and responds within 8-10 business days, adjusting payments based on the statement.
• Deductions: If there are pending deductions, these will be settled against payments, potentially resulting in ‘zero remittance’ if deductions exceed payments.

This process ensures that all accounts are accurately updated and any discrepancies are promptly addressed.